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LSDefine
Simple English definitions for legal terms
agreed price
Read a random definition: fragmented literal similarity
A quick definition of agreed price:
Agreed price: This means the price that two or more people have agreed upon for something. It's the amount of money that everyone has decided is fair to pay or receive for a particular item or service. For example, if you agree to buy a toy from your friend for $5, then $5 is the agreed price.
A more thorough explanation:
Definition: Agreed price refers to the price that has been mutually agreed upon by the buyer and seller for a particular product or service.
For example, if you are buying a car from a dealership, the agreed price would be the amount that you and the dealer have negotiated and agreed upon for the car. This price would be documented in the sales contract.
Another example would be if you are hiring a contractor to do some work on your house. The agreed price would be the amount that you and the contractor have agreed upon for the work to be done.
These examples illustrate how the agreed price is the final price that has been agreed upon by both parties involved in a transaction. It is important to have an agreed price in writing to avoid any misunderstandings or disputes in the future.